Bench - it's really simpler than it sounds...Originally Posted by benchwarmer
They basically wall off the SP each day between a range - which they control... then they move it lower and buy..... only to raise it a cent or two and sell...
It's how they make money... and because they manipulate so many shares - it's relatively easy for them to do it.
We'll see what happens when they reinstate the uptick rule....
Because of the spread. If they are buying at .3590 (from sellers) and selling at .3510 (to buyers) they are losing money.
By ignoring the sell side and just filling buy orders, they bring the ask price down to below where they bought the shares for in the first place, thereby profiting off of both sides of the trade.
They buy from real sellers only when they need shares for their own accounts.
That was this weeks agenda anyway...
I cant believe on level2 it shows some tool trying to buy 2000 shares at .01. Am I crazy or is this the opposite of what Brandon talked about with a 5.00 ask?
If someone sold a million shares at market price could it be possible that this guy could pick up his 2000 at .01? If so maybe he isn't such a tool.
Just wondering
Odd. Mine with schwaab is just opposite 12.95 + .015 per share over 1000 shares when over $1 and 12.95 flat when under $1. If over 120 trades on the year(or 30 trades in calender quarter) or over $1M balance then flat 8.95 period.
It makes more sense for me to sell in 1000 share chunks when over $1 until I get to 120 trades.
Who do you have? others chime in on your rates.
Last edited by airman; 04-03-2009 at 02:53 PM.
I think you're right. Bottom feeding to perhaps pickup shares on the cheap if not enough shares at higher prices available to purchase, and only thing pending are 'market' as opposed to limit shares. I don't know the rules and all that, but it makes sense. But....if that were to actually happen, would that set the price at a penny? That part doesn't make sense. rats. confused...again!
Last edited by underway; 04-03-2009 at 02:48 PM.
Another question for the experts out there. Why is it that in the news section on the Google ticker there are organizations sending "Stock alerts" for Siri everyday even on days when the stock has been flat. Aren't the alerts for high volume, volatility etc...? Not saying its a bad thing for us to have Siri included but where do they come up with this?
just put a sell in for 36,910 shares at 1.41.....hope it helps F with the shorts...and get filled*
Airman,
My account is with Wells Fargo. I get 100 free trades per year but penny stocks don't apply. For penny stocks there is a minimum commission of something (can't remember) or 3.5% of the prinicipal (i think), whichever is more. Nice..
Lmao +0.0004 (0.11%)
I just put in an ask for 55,555 shares at 1.73 and I do not even see it on my level 2 thru ETrade
